| Employee Stock Options |
The following table summarizes the changes
in options outstanding and the related prices for the shares of the Company’s common stock issued to employees of the Company
under a non-qualified employee stock option plan. No new grants may be made under the 2000 stock option plan, which expired April
23, 2012.
| Options Outstanding |
|
|
Options Exercisable |
|
| Exercise Prices |
|
|
Number
Outstanding
|
|
|
Weighted
Average
Remaining
Contractual
Life
(Years)
|
|
|
Weighted
Average
Exercise
Price
|
|
|
Number
Exercisable
|
|
|
Weighted
Average
Exercise
Price
|
|
| $ |
0.01 - $0.20 |
|
|
|
790,642 |
|
|
|
8.77 |
|
|
$ |
0.18 |
|
|
|
782,071 |
|
|
$ |
.18 |
|
| $ |
0.21 - 0.99 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
| $ |
1.00 - 3.00 |
|
|
|
95,000 |
|
|
|
3.15 |
|
|
|
2.22 |
|
|
|
95,000 |
|
|
|
2.22 |
|
| $ |
3.01 - 5.99 |
|
|
|
95,000 |
|
|
|
3.40 |
|
|
|
4.05 |
|
|
|
95,000 |
|
|
|
4.05 |
|
| |
|
|
|
|
980,642 |
|
|
|
7.71 |
|
|
$ |
0.75 |
|
|
|
972,071 |
|
|
$ |
0.75 |
|
Transactions involving stock options
issued to employees are summarized as follows:
| |
|
Number of
Shares |
|
|
Weighted Average
Price Per Share |
|
| Outstanding at January 1, 2011 |
|
|
2,548,800 |
|
|
$ |
1.57 |
|
| Granted |
|
|
– |
|
|
|
– |
|
| Exercised |
|
|
– |
|
|
|
– |
|
| Cancelled or expired |
|
|
(1,863,800 |
) |
|
|
1.10 |
|
| Outstanding at December 31, 2011 |
|
|
685,000 |
|
|
$ |
1.45 |
|
| Granted |
|
|
615,642 |
|
|
|
0.19 |
|
| Exercised |
|
|
– |
|
|
|
– |
|
| Cancelled or expired |
|
|
(320,000 |
) |
|
|
1.16 |
|
| Outstanding at June 30, 2012 |
|
|
980,642 |
|
|
$ |
0.75 |
|
|
| Non Employee Stock Option |
Non-Employee Stock Options
Transactions involving options issued to non-employees are
summarized as follows:
| |
|
Number of
Shares |
|
|
Weighted
Average Price
Per Share |
|
| Outstanding at January 1, 2011 |
|
|
425,000 |
|
|
$ |
1.00 |
|
| Granted |
|
|
– |
|
|
|
– |
|
| Exercised |
|
|
– |
|
|
|
– |
|
| Canceled or expired |
|
|
– |
|
|
|
– |
|
| Outstanding at December 31, 2011 |
|
|
425,000 |
|
|
$ |
1.00 |
|
| Granted |
|
|
– |
|
|
|
– |
|
| Exercised |
|
|
– |
|
|
|
– |
|
| Canceled or expired |
|
|
(425,000 |
) |
|
|
1.00 |
|
| Outstanding at June 30, 2012 |
|
|
– |
|
|
$ |
– |
|
|
| Warrants |
The following table summarizes the changes
in warrants outstanding and the related prices for the shares of the Company’s common stock issued to non-employees of the
Company. These warrants were granted in lieu of cash compensation for services performed or financing expenses and in
connection with the issuance of Series A and B redeemable preferred stock.
| |
|
|
Warrants Outstanding |
|
|
|
|
|
Warrants Exercisable |
|
| Exercise Prices |
|
|
Number
Outstanding
|
|
|
Weighted Average
Remaining
Contractual Life
(Years)
|
|
|
Weighted Average
Exercise Price
|
|
|
Number
Exercisable
|
|
|
Weighted Average
Exercise Price
|
|
| $ |
0.13 |
|
|
|
10,346,168 |
|
|
|
3.46 |
|
|
$ |
0.13 |
|
|
|
10,346,168 |
|
|
$ |
0.13 |
|
| |
0.33 |
|
|
|
1,628,800 |
|
|
|
2.39 |
|
|
|
0.33 |
|
|
|
1,628,800 |
|
|
|
0.33 |
|
| |
0.60 |
|
|
|
800,000 |
|
|
|
.85 |
|
|
|
0.60 |
|
|
|
800,000 |
|
|
|
0.60 |
|
| |
3.01 |
|
|
|
962,330 |
|
|
|
2.00 |
|
|
|
3.01 |
|
|
|
962,330 |
|
|
|
3.01 |
|
| |
4.17 |
|
|
|
359,712 |
|
|
|
.06 |
|
|
|
4.17 |
|
|
|
359,712 |
|
|
|
4.17 |
|
| |
|
|
|
|
14,097,010 |
|
|
|
3.00 |
|
|
$ |
.48 |
|
|
|
14,097,010 |
|
|
$ |
.48 |
|
Transactions involving warrants are summarized as follows:
| |
|
Number of
Shares |
|
|
Weighted Average
Price Per Share |
|
| Outstanding at January 1, 2011 |
|
|
22,104,742 |
|
|
$ |
0.51 |
|
| Issued |
|
|
5,336,816 |
|
|
|
0.20 |
|
| Canceled or expired |
|
|
(12,729,694 |
) |
|
|
0.34 |
|
| Outstanding at December 31, 2011 |
|
|
14,711,864 |
|
|
|
0.50 |
|
| Issued |
|
|
– |
|
|
|
– |
|
| Exercised |
|
|
– |
|
|
|
– |
|
| Canceled or expired |
|
|
(614,854 |
) |
|
|
1.04 |
|
| Outstanding at June 30, 2012 |
|
|
14,097,010 |
|
|
$ |
.48 |
|
The Company did not issue any warrants during the six month
period ended June 30, 2012.
|